Forex MetaTrader Brokers is a term used to describe Forex brokers offering the MetaTrader 4 platform (MT4) as a trading option for their clients.
For those of you who are brand new to Forex trading, the “platform”, is the software which allows you to open or close trades and monitor the forex market from the comfort of your Forex broker account. MetaTrader has become the most widely used platform amongst many other platforms and brokers. MetaTrader Forex brokers are also available in large numbers compared with other Forex brokers.
Why is it important to choose a forex broker that offers MetaTrader over another platform? MetaTrader did not rise to the top of all platforms by chance. It has some unique features when compared with other trading platforms. We’ll quickly review them.
1. MT4 Is Free. MetaTrader forex brokers offer clients and potential customers the option to create demo accounts on their servers and download MetaTrader for free. You can practice your trading techniques without having to risk real money. It is easy and intuitive to use the platform once you have downloaded it. The platform is available in a variety of versions: “Bronze”, Web, etc. MetaTrader’s features are available immediately to every client as soon as the platform is downloaded.
2. MetaTrader’s Charts are integrated into the platform, so that the MetaTrader users not only have access to current currencies prices but can also place Technical Analysis and oscillators (e.g.) on charts. MA and RSI can be found in one app. MetaTrader’s main screen contains everything you need. This integration makes placing orders incredibly easy. Right click the chart, and then select New Order under the Trading context menu. The system offers to open a new pending order if you select the desired price by clicking in that area! It’s so convenient! !
3. You get two pieces of free software if you use MT4’s charts. Many brokers will still give you the platform but no charts for free. With these brokers, you have to pay a fee to access charts. This is not the case when you use forex MetaTrader Brokers!
4. Automation! The built-in automated system is one of MetaTrader’s most popular features. It is also why Forex MetaTrader Brokers and their customers love it! MT4 is compatible with a language of programming called MQL, which allows you to program your own indicators, scripts or even trading robots. Robots called EAs (Electronic Advisers) are essentially programs which anyone can use on MetaTrader. They are used to analyse data, automate various tasks, generate alerts and even completely automate trading!
Forex-Autopilot, the most well known EA is available. This MQL trading program trades on your behalf. It monitors the market and opens and closes positions every day, no matter if you are at your desk, golfing, sleeping, etc.
FAP Turbo is another robot created by the same group. Although Forex Autopilot has been a very profitable product and sold the most copies, I personally prefer FAP Turbo. The only reason I can think of why it’s not as popular is that it was just released, in November 2008! The FAP website is able to provide real-time trading results (streaming live information from three real accounts in real-time! The server-based orders for Stop-Loss, Take-Profit and Limit Orders (Forex Autopilot used only internal, programmed stop loss, take profit and limit order) are placed.